Latest Ratios: P/E Ratio -110.0x · EV/EBITDA 5936.7x · ROE -13.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $1.5B | $729M | $293M | $420M | $386M | $715M | $702M | $759M | $943M | $276M |
| Enterprise Value | $2.0B | $1.5B | $771M | $331M | $472M | $421M | $721M | $671M | $734M | $931M | $271M |
| P/E Ratio → | -109.97 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 8.93 | 6.69 | 3.89 | 1.84 | 3.03 | 3.03 | 6.37 | 6.58 | 9.04 | 15.61 | 6.72 |
| P/B Ratio | 13.36 | 11.70 | 7.02 | 3.06 | 4.16 | 3.43 | 5.81 | 5.31 | 5.16 | 37.45 | 18.52 |
| P/FCF | — | — | 66306.53 | — | — | — | — | — | — | — | — |
| P/OCF | 2475.54 | 1856.19 | 160.83 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.84 | 4.11 | 2.08 | 3.41 | 3.30 | 6.42 | 6.29 | 8.75 | 15.41 | 6.58 |
| EV / EBITDA | 5936.70 | 4474.73 | 169.34 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 70045.80 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.3% | 74.3% | 75.8% | 76.6% | 78.5% | 82.0% | 80.8% | 83.7% | 84.6% | 84.6% | 84.3% |
| Operating Margin | -3.5% | -3.5% | -1.8% | -13.5% | -21.4% | -20.0% | -20.6% | -29.4% | -24.4% | -13.2% | -19.8% |
| Net Profit Margin | -7.0% | -7.0% | -5.3% | -13.7% | -20.9% | -21.2% | -21.2% | -27.3% | -26.7% | -17.3% | -35.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -13.5% | -13.5% | -10.0% | -22.1% | -27.1% | -22.9% | -18.6% | -20.9% | -26.0% | -52.1% | -124.7% |
| ROA | -7.4% | -7.4% | -5.0% | -11.1% | -14.4% | -13.2% | -13.4% | -18.5% | -20.4% | -19.9% | -34.4% |
| ROIC | -3.8% | -3.8% | -1.8% | -11.2% | -14.8% | -13.8% | -15.1% | -21.0% | -22.6% | -52.9% | -71.5% |
| ROCE | -4.2% | -4.2% | -1.9% | -12.7% | -16.7% | -14.0% | -14.8% | -22.4% | -21.3% | -19.8% | -23.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 0.66 | 0.72 | 0.67 | 0.60 | 0.44 | 0.04 | 0.00 | 0.98 | 1.63 |
| Debt / EBITDA | 196.60 | 196.60 | 15.10 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.25 | 0.40 | 0.40 | 0.52 | 0.31 | 0.05 | -0.23 | -0.16 | -0.47 | -0.38 |
| Net Debt / EBITDA | 93.26 | 93.26 | 9.04 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | 3739.27 | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.04 | -1.04 | -0.21 | -6.66 | -45.39 | -18.90 | -21.57 | -727.38 | -17.54 | -3.24 | -1.30 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.11 | 5.11 | 3.24 | 2.89 | 4.13 | 5.23 | 6.36 | 6.47 | 11.57 | 4.06 | 3.97 |
| Quick Ratio | 3.31 | 3.31 | 2.16 | 2.14 | 3.33 | 4.54 | 5.81 | 5.80 | 10.65 | 3.53 | 3.48 |
| Cash Ratio | 1.51 | 1.51 | 1.09 | 1.02 | 2.05 | 3.46 | 4.55 | 4.62 | 8.94 | 2.66 | 2.71 |
| Asset Turnover | — | 1.02 | 0.92 | 0.81 | 0.71 | 0.61 | 0.56 | 0.69 | 0.52 | 1.03 | 0.89 |
| Inventory Turnover | 1.37 | 1.37 | 1.37 | 1.61 | 1.57 | 1.37 | 1.72 | 1.25 | 1.08 | 1.27 | 1.18 |
| Days Sales Outstanding | — | 42.41 | 46.97 | 57.72 | 58.43 | 52.04 | 57.26 | 57.96 | 66.62 | 66.84 | 71.50 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 0.0% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $46M | $44M | $43M | $42M | $41M | $40M | $39M | $37M | $33M | $31M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying AXGN stock.
AxoGen, Inc.'s current P/E ratio is -110.0x. The historical average is 3.5x.
AxoGen, Inc.'s current EV/EBITDA is 5936.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 38.9x.
AxoGen, Inc.'s return on equity (ROE) is -13.5%. The historical average is -35.1%.
Based on historical data, AxoGen, Inc. is trading at a P/E of -110.0x. Compare with industry peers and growth rates for a complete picture.
AxoGen, Inc. has 74.3% gross margin and -3.5% operating margin.
AxoGen, Inc.'s Debt/EBITDA ratio is 196.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
BLA delay and margin drag
Metrics are mathematically derived from official filings.
Gross Margin Resilience Amid Facility Transition
Gross margin dipped to 72.7% in Q2 2026 from 74.2% a year earlier, per reported financials, reflecting temporary under-absorption at the new Alachua facility, yet remains above the 70% threshold.
The 72.7% gross margin in Q2 2026, while down from 78.8% in Q1 2024, still indicates strong pricing power for Avance and AxoGuard products. Operating margin improved to -3.1% from -16.3% in Q4 2025, suggesting that the facility transition drag is easing, but SG&A at 63% of revenue continues to outpace gross profit growth, keeping the company in negative territory. The path to profitability hinges on whether revenue growth can outpace the fixed cost base, which appears plausible given the 23.1% YoY revenue growth, but investors should monitor if operating leverage materializes in H2 2026.
Return on Capital Remains Negative but Improving
ROIC improved to -0.9% in Q2 2026 from -4.5% in Q4 2025, per reported figures, but remains negative, indicating that the company is still not generating returns above its cost of capital.
The improvement in ROIC from -4.5% to -0.9% over two quarters suggests that the heavy investment in the Alachua facility and clinical trials is beginning to yield operational efficiencies, though the absolute level remains deeply negative. ROE of -0.6% in Q2 2026 is a stark contrast to the 0.6% positive in Q3 2025, reflecting the volatility in net income due to one-time charges. The company's ability to compound returns will depend on whether the BLA approval for Avance can create a regulatory moat that justifies the capital invested, but as of now, the returns are not yet covering the cost of capital.
Working Capital Efficiency Deteriorates on Inventory Buildup
Cash conversion cycle lengthened to 139 days in Q2 2026 from 136 days a year earlier, per reported data, driven by a sharp increase in days inventory outstanding to 223 days.
The CCC of 139 days in Q2 2026 is elevated compared to 91 days in Q2 2024, indicating that AXGN is tying up more cash in inventory, likely due to the new facility ramp and stocking strategies. DIO of 223 days is particularly high, suggesting that the company may be building inventory ahead of anticipated demand or facing slower turnover of tissue products. While DSO improved to 41 days from 54 days in Q1 2024, the inventory buildup more than offsets that gain, and the negative working capital changes in 8 of 10 quarters highlight the cash flow volatility. Investors should watch whether inventory levels normalize as the facility reaches full utilization, or if this signals a demand shortfall.
Leverage Collapses After Refinancing
Debt-to-equity fell to 0.08 in Q2 2026 from 0.66 in Q4 2024, per balance sheet data, as total debt dropped to $20.1M, indicating a strategic deleveraging rather than necessity-driven borrowing.
The dramatic reduction in leverage, with D/E now at 0.08, provides significant financial flexibility, but the negative interest coverage of -2156 in Q2 2026 is misleading because it reflects a one-time gain or accounting artifact; the prior quarter's coverage of -27.22 is more representative of the ongoing situation. With minimal debt, interest expense is negligible, so the company's risk is not from debt service but from funding operations through equity dilution. The $150M equity raise has strengthened the balance sheet, but it also means that existing shareholders bear the cost of the company's path to profitability, and any further dilution could pressure the stock.
Liquidity Buffer Strengthens Significantly
Current ratio improved to 6.60 in Q2 2026 from 3.43 in Q1 2024, per balance sheet data, with cash of $94.6M providing a substantial runway against quarterly operating losses of roughly $1.5M.
The current ratio of 6.60 and quick ratio of 5.04 indicate that AXGN has ample short-term liquidity to cover its obligations, even if revenue growth stalls. The cash position of $94.6M, combined with positive operating cash flow in 7 of 10 quarters, suggests that the company can fund its operations for several years without additional capital raises. However, the high inventory levels (DIO of 223 days) mean that a portion of current assets is less liquid, and if the new facility's output is not absorbed by demand, the company could face write-downs. Overall, the liquidity position appears robust, but the reliance on equity funding rather than organic profitability remains a concern.
What the P/E Ratio Obscures
The negative P/E of -148.24 is meaningless for a pre-profit company, per reported figures, and investors should instead focus on EV/Sales and the path to positive operating leverage.
The most commonly misapplied ratio for AXGN is the P/E, which is negative and thus uninformative. The market prices AXGN on its revenue growth and potential for future profitability, as evidenced by the P/S of 12.03 and forward P/E of 105.55. A more appropriate metric is EV/Sales, which at 12.03 is high but reflects the market's expectation of significant margin expansion once the BLA is approved and the facility reaches scale. Investors should also consider the quality of earnings, as stock-based compensation of $8.8M in Q2 2026 exceeds operating cash flow, suggesting that reported cash generation may be overstated. The real question is whether the company can convert its clinical moat into sustainable profitability, which the P/E cannot answer.